Aliko Dangote has urged Nigerians to look at the long-term potential of investing in the Dangote Petroleum Refinery as its Initial Public Offering prepares to open.
The businessman said the refinery’s shares, currently priced at N525, could one day reach N10,000.
He also said ordinary Nigerians investing smaller amounts would be given priority during the share allocation process.
Retail Investors to Be Prioritised
Dangote explained that the IPO would give preference to small-scale investors.
He said people buying shares worth N50,000 or N100,000 would receive priority ahead of investors seeking very large allocations.
“The small retail investors who want to buy N50,000 worth, or some buying N100,000 worth, and so on, they are the ones who will be given priority allocations,” he said.
He added that large institutional investors might not receive everything they request.
The remaining shares would then be distributed among investors.
From N525 to N10,000?
Dangote said the refinery’s current share price of N525 could rise considerably over time.
He projected that it could eventually reach N10,000.
To illustrate the potential gain, he said an investor who bought N5 million worth of shares could hold an investment worth more than N50 million if the share price reached that level.
That projection, however, should not be treated as a promise of future returns.
After listing, the share price will move according to market conditions, investor demand and supply.
Dollar Dividends Could Help Investors
Dangote also said shareholders could have the choice of receiving dividends in naira or dollars.
He argued that receiving dividends in dollars could provide some protection against the effects of naira depreciation.
He pointed to families with children studying in the United Kingdom.
According to Dangote, sharp changes in the exchange rate can make overseas education more expensive for Nigerian families.
He recalled a period when the naira traded at about N400 to the dollar before weakening to around N1,800.
Dangote said the proposed dollar dividend option could help investors meet some foreign-currency obligations.
Key Details of the Dangote Refinery IPO
The IPO will offer 4.1 billion ordinary shares at N525 per share.
If all the shares are sold, the offer could raise about N2.15 trillion.
Investors can subscribe for as few as 10 shares, costing N5,250.
The offer period is scheduled to begin on September 14, 2026, and close on October 13, 2026.
Investors should note that subscribing for shares does not automatically mean they will receive the full number requested.
If demand exceeds the available shares, applications may be scaled back during allotment.
Following the allotment process, the shares are expected to be listed on the Nigerian Exchange Main Board.
Their subsequent market value will be determined by trading activity.
